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《大行報告》大和下調中行(03988.HK)目標價至3.9元 評級「買入」
阿思達克 02-23 09:47
大和發表報告,海外業務復甦對中國銀行(03988.HK)淨息差和貸款增長帶來支持,且財富管理業務增長超過同業,重申其「買入」評級。 報告補充,預計中行2021年貸款按年增長將達到雙位數,今年其貸款增量有望進一步按年擴大,由於環球利率上升,預計其去年第四季淨息差將按季反彈,今年淨息差面臨的壓力將小於其他銀行。 中行表示,其對有流動性困難的房企貸款敞口非常有限,而其去年房企新增不良貸款主要來自受疫情影響但有足夠風險緩解措施的商業項目。大和預計,中行2021年的淨費用收入將按年增長約5%,主要得益於其財富管理業務。 大和下調其2021至23年每股盈利2%至6%,主要是考慮到低於預期的淨息差和疫情對資產質素的影響時間較預期長,目標價由4元下調至3.9元。
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